Gemini Exchange Mulling IPO Public Listing Route This Year: Report
Backed by the popular Winklevoss brothers Cameron and Tyler, crypto exchange Gemini is allegedly mulling conducting an Initial Public Offering (IPO) in the United States. As reported by Bloomberg, citing anonymous, the trading platform has a timeline for later this year.
The Gemini IPO Plans
Gemini hopes to go public this year via the Initial Public Offering route, showcasing the growing interest in the cryptocurrency market.
In a recent interview, Cameron Winklevoss acknowledged that the company is open to an IPO. Furthermore, he noted that the ongoing internal discussions are centered around deciding on the timing and feasibility of the move.
Per the Bloomberg report, the firm has commenced discussions with several entities, including financial advisors. However, no decision has been made on the key details relating to the IPO.
Pending the push for this IPO, Gemini has stayed focused on expanding its business. Last month, it appointed three new executives to pilot its European Union expansion drive. It hopes to build on the Virtual Asset Service Provider (VASP) license it secured in France last November.
Beyond Gemini, Growing IPO Clamor
There is an ongoing trend among crypto firms to go public. This trend could be attributed to the crypto market’s growth over the past year. For example, Bitcoin hit a $108,000 all-time high earlier in January. The coin also has ETF products tracking its price and has now raked in over $50 billion in inflows
On this premise, investors’ interest in the burgeoning sector has peaked in recent months. Several firms are now trying to meet the increasing demand for crypto solutions. On the Bitcoin ETF front, companies like BlackRock, Fidelity, and Grayscale are among the solution providers.
As a thriving digital currency trading platform, Gemini believes an IPO move might help it scale its services. In addition, Bullish Global also has IPO plans, as per an earlier report from CoinGape. While no official announcement has been made yet, there are talks about the exchange operator mulling plans to go public in the US this year.
In addition, firms like Circle, Kraken, and Chainalysis are projected to go public later this year.
Favorable Crypto Regulation Fueling IPO Hype
This hype among crypto firms to go public is connected mainly to the improved regulatory landscape in the United States.
President Donald Trump’s administration is pulling resources and investing efforts in implementing favorable crypto policies. Under Mark Uyeda’s leadership, the US Securities and Exchange Commission (SEC) has launched a Crypto Task Force.
This crypto task force, headed by Hester Peirce, will recommend practical policy measures that encourage innovation and protect investors. Ultimately, the goal is to clarify the application of federal securities laws to the digital currency ecosystem market, which may benefit potential IPO candidates.
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